Why did apartments miss out on the recent property boom?
It’s been well documented that property prices rose significantly over the course of 2020 and 2021. According to the Real Estate Institute of Australia, median house prices in eastern capital cities rose between 30% to 40% over those 2 years. However, unfortunately apartments underperformed compared to houses in a big way. I wanted to discuss why this occurred and consider what growth prospects apartments might provide in the future. Apartment prices are low relative to houses The chart below compares the median price of apartments to median price of houses from March 1980 to March 2022…
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